Whether Timing Behavior and Earnings Management Affect the Financing Decision for Listed Companies in Taiwan?

[[abstract]]本研究聚焦於企業選擇負債管道的差異，以期了解企業發行公司債或向銀行借款時所產生的宣告效果；並加入舉債企業擇時行為的影響，檢驗企業舉債方式之決策，是否會受到市場利率改變的影響；進而針對經理人的盈餘管理行為，驗證企業對於舉債模式的選擇，是否存在著盈餘管理行為。此外，本文並就企業利息成本與舉債宣告效果，分析債權人與股東是否會相信經理人的盈餘管理行為，以充份了解企業舉債模式選擇的傳統財務管理意涵。 本文實證發現：國內可轉換公司債、普通公司債的平均異常報酬，在宣告日後仍以負向居多。在盈餘管理方面，實證結果印證了進行會計盈餘管理及實質盈餘管理的公司，其超額累積異常報酬率呈現下跌；其中會計盈餘管理的企業，其舉債融資時，投資人與債權人要求的票面利率相對較高；但對實質盈餘管理的企業而言，投資人與債權人要求的票面利率卻相對較低。最後，針對加入擇時行為及三種舉債類型的盈餘管理行為，進行宣告效果的實證研究；本文發現在市場利率走低時，可轉換公司債的發行會使企業經理人有足夠空間與動機進行盈餘管理。至於經理人之所以不放棄發行公司債，主要原因是因為公司債市場具有較嚴重的資訊不對稱，因此更能提供經理人成功操控企業盈餘的平台。[[abstract]]This paper is aimed to examine the motivation of debt financing choices for listed companies in Taiwan i e we try to investigate the announcement effects for corporate bond issuance and bank loan and explore whether the changes of interest rates have an impact on the financing source decision when timing behavior is taken into account Meanwhile we also investigate the topic that does it exist the earnings management behavior for corporate managers in debt financing choices? The empirical results indicate that the average abnormal return for domestic convertible bond and corporate bond are negative after the announcement day In terms of earnings management our empirical results find that those companies which use accounting earnings management or real earnings management the accumulation of excess abnormal returns are negative However for those companies which use the accounting earnings management investors and creditors require a relatively higher coupon rate in debt issuance On the contrary for those companies which use the real earnings management investors and creditors require a comparatively lower coupon rate In addition this paper concludes that the corporate managers have the incentive and enough space to use earnings management when the interest rate has a decreasing trend Also we find the reason why corporate managers still issue corporate bond is that there exists a more seriously asymmetric information phenomenon in corporate bond market which provides a good platform in successfully manipulating earnings management for corporate manager